BLOUNT FINE FOODS ACQUIRES FOOD SOURCE, LP OF MCKINNEY, TX

Adds Capacity In Strategic Part Of The Country

Fall River, Mass. (January 11, 2016) – Blount Fine Foods, a leading manufacturer of premium, hand-crafted soups, entrées, sauces and side dishes for retail and foodservice, today announced it has purchased Food Source, LP, a custom food manufacturer based in McKinney, TX. Terms of the transaction were not disclosed.

Food Source, LP provides private label and branded ethnic and home-style entrees, sides and sauces for retail grocers and national restaurant chains. The acquisition includes more than 90,000 square feet of modern, efficient production facilities that operate under strict food safety standards, with the ability to expand to 150,000 square feet.

“With this acquisition, we have not only expanded our production, warehousing and shipping capacity in a geographically and strategically advantageous location, but also our bench of industry-leading talent,” said Todd Blount, president of Blount Fine Foods. “By adding production, warehousing and shipping in the middle of the country, Blount Fine Foods can now better serve our surging business in the western part of the United States.”

Like Blount, Food Source is a multi-generational, family-owned business dedicated to product quality and manufacturing excellence.“For more than 30 years, our family has put its heart and soul into building and growing this business, and are proud to sell best-quality products to many of the country’s top retail grocers,” said Gaetano Riccardi, Food Source chief executive officer and chef. “Our talented work force and like-minded culture, is a great foundation for Blount to increase our offerings and enhance the growth of our business.”

Blount plans continued investment in equipment and staff to ensure compliance with the plant’s many certifications, which include SQF, Halal, Organic, and Gluten-Free among many others.

“We will make a few upgrades to take the facility from ‘exceptional’ to state-of-the-art, and put a ‘Blount’ touch on the culture, but overall, the synergies between the two companies will allow this to be a relatively seamless transition,” added Blount. “I expect the advantages of our synergies to be realized almost immediately.

The company is now part of Blount Fine Foods. Effectively all current employees will be retained, and Blount will work with current Food Source customers to assure a seamless transition.

ABOUT BLOUNT FINE FOODS

Blount Fine Foods is a family-owned and operated company that has been processing food since 1946. Blount produces more than 900 premium products for restaurants, institutions, retailers and club stores in all 50 states. Blount manufactures more than 600 proprietary soup recipes, including 75 varieties of clam chowder alone. The company is the largest manufacturer of lobster bisque in America, was the first brand to launch restaurant-quality, single-serve grab-n-go fresh soups at retail, and has full lines of organic and gluten-free soups and sides.

Blount product lines include fresh and frozen (but never canned!) premium soups for foodservice and retail as well as premium side dishes and entrees. Blount’s premium soups and specialty foods are made with the finest and freshest ingredients, locally sourced whenever possible, and handcrafted in small batches by a dedicated team through unparalleled customer collaboration. Blount operates production facilities at its Fall River, Massachusetts headquarters, in Warren, Rhode Island and now in McKinney, Texas. Its award-winning production facilities showcase the company’s commitment to energy conservation and sustainable business practices.

Customers include national restaurant chains that have their custom soups made for them in accordance with their secret recipes. Similarly, the deli departments of many large and small supermarket chains offer Blount-created hot-to-go soup selections as well as fresh store-brandpre-packed soup cups. Blount also carries a full line of fresh and frozen soups sold to club stores and retailers nationwide under the Legal Sea Foods and Panera Bread brands.

Blount generates over 200 million servings of premium soups each year.